Saudi Basic Industries Corporation (SABIC) has slashed local steel rebar prices by $53 (SAR 200) per ton for September as falling oil prices continue to affect the sector, the state news agency reported, citing Abdulaziz Al-Humaid, executive vice president of Metals Strategic Business Unit at SABIC.
The statement did not clarify the new price. However, before the cut, prices of rebar in Riyadh were at about SAR 2,200 per ton, according to Reuters.
The move comes in line with regional and global market developments, he added.
|
SABIC Steel Prices |
||
|
Monthly change (SAR) |
Price (SAR/ton) |
Month |
|
-- |
2637.3 |
January 2015 |
|
(18.3) |
2619.0 |
February |
|
(76.8) |
2542.2 |
March |
|
(29.4) |
2512.8 |
April |
|
(10.8) |
2502.0 |
May |
|
+19.2 |
2521.2 |
June |
|
(20.5) |
2500.7 |
July |
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